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Ryan Specialty Group Underwriting Managers, the specialty underwriting unit of Ryan Specialty Group L.L.C., said Wednesday that it has agreed to acquire 100% of the assets and operations of Interstate Insurance Management Inc.
The terms of the transaction were not disclosed.
Johnstown, Pennsylvania-based Interstate is a transportation managing general agent led by president and CEO Jack Buchan. The company has 50 employees.
"Interstate’s leadership, approach, and decades of successful underwriting results exemplify RSGUM’s commitment to entering the transportation segment only with the right partner,” said Miles Wuller, Chicago-based chief operating officer of Ryan Specialty Group Underwriting Managers, in a statement.
Ryan Specialty Group L.L.C.'s ThinkRisk Underwriting Agency said Wednesday that it will transition its converging risk program from Aspen U.S. Insurance to Lloyd's of London.